Agusto & Co. sees 400 MfBs in Nigeria on recapitalisation failure
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June 30, 2021803 views0 comments
CBN reports say total MFB assets stands at N1.01trn by end 2020
In its report on the pandemic-induced accelerated digital transformation and impact on the microfinance industry in Nigeria, Agusto & Co. said the inability of some microfinance banks to meet the recapitalization requirements before the deadline may lead to a decline in the number of MfBs in the country to 400. It expressed regrets that the microfinance banking sector in Nigeria has remained heavily reliant on brick-and-mortar branches for the acquisition of customers and disbursement of loans and the collection of notes and coins for repayment, despite the N5 billion spent by the major national and state microfinance banks in Nigeria on the implementation of Internet, mobile and USSD banking services.
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